Over 700 indie labels have teamed up for an initiative to ensure fair and transparent accounting of digital revenues to artists, Billboard reports. The "Fair Digital Deals Declaration" is a massive showing from the independent label community to ensure that artists are treated and compensated fairly.

The declaration features five primary guidelines that signees must adhere to:

1. Ensure that artists’ share of download and streaming revenues is clearly explained in recording agreements and royalty statements in reasonable summary form.
2. Account to artists a good-faith pro-rata share of any revenues and other compensation from digital services that stem from the monetization of recordings but are not attributed to specific recordings or performances.
3. Encourage better standards of information from digital services on the usage and monetization of music.
4. Support artists who choose to oppose, including publicly, unauthorized uses of their music.
5. Support the collective position of the global independent record company sector.

Billboard makes particular note of that second point, saying that major rights holders and some major labels receive favorable deals with digital services, including guaranteed payment amounts or equity shares. Money from these deals often don't make their way to the artist, but this rule makes it possible for artists to profit from those agreements.

In addition to the declaration, the Worldwide Independent Network also shared a "Global Independent Manifesto", which argues that indies "deserve equal market access and parity of terms with Universal, Sony and Warner, and an independent copyright should be valued and remunerated at the same level as a major company copyright."

The manifesto also argues against "further consolidation in the recorded music, publishing and radio sectors since this is bad for independent music companies, their artists and fans."

Billboard shared comments about the initiative from indie label representatives.

"Why wouldn’t we treat artists fairly? It seems so obvious that we shouldn’t have to say it, but let’s say it, loud and proud," said Martin Mills, group chairman of the Beggars Group (4AD/Matador/Rough Trade/XL/Young Turks).

Darius Van Arman, co-founder of the Secretly Group, said:

"The bedrock of trust between artists and labels is artists receiving a fair share of the revenue that is earned from their work, where labels convey financial terms transparently and comprehensibly to artists. Our signing of the Labels' 'Fair Digital Deals Declaration' demonstrates our commitment to this ideal and is an invitation to all industry participants to make the same commitment."